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Struggling PlanetOut said Monday that it has struck a deal to raise $26 million in new funds from private investors.

The publicly traded company, which runs the PlanetOut and Gay.com Web sites, as well as Out and The Advocate magazines, has seen its revenue drop and its losses widen in recent months.

Among those investing, as noted by the Seattle Post-Intelligencer, is Bill Gates' investment arm, Cascade Investment LLC. Other investors include Special Situations Funds, SF Capital Partners, PAR Investment Partners and Allen & Co. The investment is coming from the sale of roughly 22.8 million shares of … Read more